T0.Com Creator Overstock’s Shares Increases Inspite of Losses
Overstock's shares rise following the announcement of its Q3 earnings report showing losses of over $3.9 million. Overstock, the leading online retailer known for its foray into the digital currency technology sector with T0.com saw its shares go up by over 19%. The good news follows the company’s Q3 earning report, which has been disappointing at best. The earnings report, published on Thursday shows that the company has lost over $3.1 million in the last three months. According to reports, Overstock’s revenues in the third quarter has been around $441.6 million, but the losses were due....
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Overstock announces its intention to start trading its own stocks on T0 blockchain platform. Overstock, one of the leading e-commerce platforms has announced the plan to start trading its own stocks on its proprietary blockchain platform. T0, as the platform is called, has been in development since over an year, and is expected to feature improved equity trading settlement services. The announcement to start using T0 was made by the company’s communications director, Judd Bagley at the ongoing Money 2020 event in Las Vegas. Overstock’s decision comes weeks after the T0 platform started....
Online retailer Overstock.com has closed the first-ever Series A preferred funding round with shares sold on a blockchain. Of the total $10.9m raised from existing shareholders, about $1.9m was raised via shares traded on the tØ blockchian platform developed by Overstock.com subsidiary Medici. The Series A consisted of 126,565 shares sold on the tØ blockchain platform for $15.68. A separate Series B consisted of 569,333 shares sold using traditional technology. The company had originally set out to raise as much as $30m from selling 2m shares. Shares traded on the blockchain platform....
Described by Overstock’s communications director, Judd Bagley, as a platform for trading “widgets” whose first use case will be equities - stocks and bonds, t0 which has been touted to be the world’s first Blockchain-based platform to issue equities and usher global financial system into a new age may be operational by December 2016. The t0 issuance and trading platform is developed by a Overstock’s majority-owned financial technology subsidiary, t0. At the Money 20/20 conference in Las Vegas, Bagley hinted on Monday October 24 at t0’s advantages over traditional equities trading systems....
Patrick Byrne, Overstock’s Bitcoin-friendly CEO, has returned to the company after a medical leave of absence. Byrne returned to his position as CEO of the online retail giant after a three-month leave of absence prompted by health complications. An injury during a trip to rural China caused him to contract hepatitis C, which had reached stage IV when he was forced to take a break to attend to his health. Now, Byrne is resuming duties as the head of the company from acting CEO Mitch Edwards. He says: “I’m happy to be back to the day-to-day operations of this great company, where I see a....
Overstock.com, the online retailer that has been one of bitcoin’s most visible supporters among U.S. businesses, has become the first publicly-traded company to issue stock over the Internet, distributing more than 126,000 company shares using the bitcoin blockchain, according to Wired. Through a subsidiary called tØ, Overstock has spent the past two years building a blockchain-based technology to facilitate trading financial securities. Overstock Foreshadowed The Offering. The company announced in October that it would allow its stockholders to purchase shares of its preferred stock. The....